Alipay, China’s leading mobile payment service operated by Ant Group, reported a surge in outbound and inbound tourism transactions during the mainland’s “golden week” National Day holiday, as consumer confidence appears to rebound following Beijing’s large-scale stimulus measures introduced ahead of that annual break.
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During the first four days of the holiday, which began last Tuesday, the number of transactions made via Alipay in overseas markets surged 60 per cent year on year. Malaysia, South Korea, Thailand, Hong Kong, and Singapore recorded the fastest growth in transaction numbers.
Alipay’s collaborations with local businesses to offer discount packages helped drive increased spending across sectors such as services, transport, entertainment, food and beverage, and retail. Ant Group, which operates Alipay, is the fintech affiliate of Alibaba Group Holding, owner of the South China Morning Post.
Alipay, which supports international bank cards, reported a 120 per cent year-on-year rise in spending by foreign travellers in mainland China during the first four days of the holiday, bolstered by Beijing visa-free policies that have driven inbound tourism.
According to China’s largest travel platform, Trip.com, daily bookings from countries including Italy, Malaysia, Russia, and the US have increased more than threefold year on year.
In addition, consumer spending through Tap!, Alipay’s contactless tap-and-pay feature launched in July, rose by 130 per cent compared to last month, according to Ant Group.